Municipal Bankruptcy - Harrisburg, PA Making Headlines

(Reuters) - If knee-jerk reactions could be taxed, Pennsylvania's capital city could be closer to escaping its $315 million financial hole. David Unkovic, the man the state appointed three weeks ago to find a way out for debt-ridden Harrisburg, initially faced a barrage of criticism, particularly regarding his past relationships with large creditors of the city. However, he appears to be converting critics while maintaining his pledge that everyone will feel pain when he unveils his recovery plan for the city. Unkovic was applauded by 150 people who visited a city bookstore Monday evening to hear what he had to say about his work in...

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Posted in harrisburg bankruptcy , Municipal Bankruptcy , pennsylvania bankruptcy

Saab Bankruptcy Leads to Warranty Concerns

SAAB, a company that was once renowned for style and sophistication, a thinking person's car, is now in its death rattle. After its parent company, Swedish Automobile NV, applied to a Swedish court to put three critical parts of the enterprise, Saab Automobile, Saab Powertrain and Saab Automobile Tools, into bankruptcy, the status of warranties on new Saab cars sold here remains under a cloud. There are about 50 unsold new Saabs in local dealerships and in the Australian distributor's stock, on top of sold Saabs still under warranty. Last year, Saab sold just 14 cars Australia-wide from eight dealerships. This year it faired better with...

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Posted in automaker bankruptcy , Saab bankruptcy

Dodgers, Fox Battle Over Media Rights Sale

WILMINGTON, Del. (AP) — Attorneys for the Los Angeles Dodgers and Fox Sports squared off in court Wednesday over the team's plan to sell the media rights to games starting in 2014 as part of its plan to exit bankruptcy. The Dodgers are asking a U.S. Bankruptcy Court judge in Delaware to approve a process for selling the television rights to future games as part of a settlement with Major League Baseball that also calls for the sale of the team and Dodger Stadium. Fox, whose Prime Ticket subsidiary owns the current television contract with the Dodgers, is challenging the proposed sale process, saying it would violate Fox's rights under the existing...

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Posted in Dodgers Bankruptcy , Media Rights

Obama Administration Considered a Bailout for Solyndra Before Bankruptcy

According to an article published by Fox News: WASHINGTON –  A Republican-led House panel voted Thursday to subpoena the White House for records related to Solyndra, the solar company that collapsed after receiving a $528 million loan. The House Energy and Commerce Committee approved the resolution 14-9 after Democrats tried to delay the vote during a contentious debate.  Democrats argued the resolution was too broad and gave Chairman Fred Upton too much power. But Republicans said a subpoena was necessary because the White House has denied or delayed requests for thousands of documents related to Solyndra. Upton, a Michigan...

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Posted in Solyndra bankruptcy

Bankruptcy Filings Down 9 1/2 Percent in Wisconsin

Oct. 21 (Source: By Paul Gores, Milwaukee Journal Sentinel) - The pace of bankruptcy filings in Wisconsin has slowed this year — a welcome trend, but one that attorneys who deal with insolvent consumers and business people said won’t improve significantly until joblessness wanes. Through the first nine months of 2011, federal bankruptcy filings were down 9.5% from the same time last year, to 21,167, U.S. Bankruptcy Court records show. Most of those filings were for Chapter 7 bankruptcy, the type that wipes out debt such as credit card balances, utility bills and medical bills. The state figures track closely with consumer bankruptcy filings...

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Posted in bankruptcy attorney , bankruptcy filings , Chapter 7 Bankruptcy , US Bankruptcy Court , wisconsin bankruptcy

UB40 Files Bankruptcy

According to an article in Rolling Stone - British reggae pop stars UB40 have declared bankruptcy. A judge in Birmingham County has ruled that the band's assets can be seized in order to help pay off their debts, which were largely accumulated by their former management company Dep International Ltd., which went into insolvent liquidation back in 2008. Liquidators are now entitled to the band's royalty payments for their back catalog, including their hit recordings of Neil Diamond's "Red Red Wine" and Elvis Presley's "(I Can't Help) Falling In Love With You." To make matters worse, the group must also pay the costs of their case, which...

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Posted in asset liquidation , UB40 Bankruptcy

Chinese Restaurant May Face Bankruptcy After Dog Meat Rumor

With all of the "serious" bankruptcy news making headlines these days from the LA Dodgers to the State Capital... we decided to focus on some lighter bankruptcy news ... Who hasn't heard rumors of Chinese restaurant's using "dog meat" in their recipes? One UK Woman says, she choked on a microchip, that formerly belonged to a racing greyhound. What?!?  Here's the article as published in the UK's Telegraph - Estelle Johnston, who has run China Rose in Bawtry, near Doncaster, for almost three decades, spoke out after hearing several versions of a similar story from friends, neighbours and customers. She said the rumour revolves around...

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Posted in chinese restaurant bankruptcy , dog meat in chinese food rumor

Harrisburg Files For Bankruptcy Protection

(Wall Street Journal) NEW YORK—After months of contentious debate among city and state officials, Harrisburg, Pa., filed for municipal bankruptcy protection, days before the state Senate was scheduled to vote on taking over the struggling capital city's finances. The city, which faces $300 million in debt over a failed trash incinerator project, filed the paperwork in U.S. Bankruptcy Court for the Middle District of Pennsylvania, in Harrisburg. A faxed filing late Tuesday wasn't valid, according to Terry Miller, clerk of the bankruptcy court. The overnight fax had first been reported by Bloomberg News. Robert Philbin, a spokesman for...

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Posted in bankruptcy filings , bankruptcy protection , Chapter 11 Bankruptcy , harrisburg bankruptcy , Municipal Bankruptcy , US Bankruptcy Court

Living Like A Celebrity Made Me Bankrupt!

MILLIONS of women dream of living like a celebrity, but life can become a nightmare for those who splash the cash. An epidemic of overspending among women has been called the "Kerry Katona Effect" after the reality TV star went bankrupt due to her lavish lifestyle. In just three months this year, 14,827 women were declared bankrupt and they now account for a record level of 48 per cent of personal insolvencies. The Sun interviewed three women whose taste for all things expensive, took their bank accounts into the negatives - here is one of their stories: Aimee, 35 AIMEE ROBINSON lives in Bexhill, East Sussex, with builder...

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Posted in bankrupt women , Celebrity Bankruptcy , celebrity debt

Saab Cruising Closer to Bankruptcy

The administrator in charge of Saab's restructuring under court protection could pull the plug on the process as early as Tuesday, paving the way for declaring the carmaker bankrupt, daily newspaper Svenska Dagbladet reported. Saab has struggled for months to stave off collapse, seeking new investors and selling off assets so it could pay suppliers and employees and resume production at its plant in Sweden. But it has still not received a vital bridge loan of €70m (£61m) that was secured by Chinese car firm Youngman, money that is key to its short-term survival. The paper said negotiations were ongoing in the Swedish capital with Youngman,...

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Posted in carmaker bankrupt , creditor protection , Saab bankruptcy

Bankruptcy Talks Trouble AA Frequent Fliers

So, what happens to those unused frequent flier miles, if an AMR bankruptcy were to occur ? What if you were sitting on a stash of unclaimed miles? Thousands of frequently fliers are worried that their gold mine of AAdvantage frequent flier miles may not be worth a penny if the rocky financial situation at AMR Corp. - parent company of American Airlines continues to spiral downward. "There’s some concern out there," said Tim Winship, publisher of FrequentFlier.com, who has received emails from worried fliers. But if AMR were to file for protection from its creditors under Chapter 11 of the bankruptcy code, American "would continue operations...

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Posted in American Airlines Bankruptcy , AMR Bankruptcy , Chapter 11 Bankruptcy

Friendly's Files Bankruptcy & Closes 63 Stores

Friendly's Restaurant, a 400+ restaurant chain filed for Chapter 11 bankruptcy protection on Wednesday at The United States Bankruptcy Court for the District of Delaware. As a result of the restaurant bankruptcy filing - Friendly's closed 63 stores, each of which employed about 20 people, so about 1,260 jobs were lost.  The 76-year-old company known for its ice cream and hamburgers is the latest restaurant chain to file forbankruptcy, as consumers continue to eat out less, a habit they picked up during the recession, and food costs remain high. "The strategic decision to pursue a financial restructuring will allow us to proactively...

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Posted in Chapter 11 Bankruptcy , Friendly's Bankruptcy , Restaurant Bankruptcy , United States Bankruptcy Courts

Foster Law Introduces a NEW Commercial

Foster Law Offices is pleased to share our NEW Commercial with you! Watch WJET-TV to see the commercial live. We hope you enjoy it!...

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Posted in Debt Commercial , Foster Law Offices

Anna Nicole Smith Tied to Lehman Bankruptcy?

According to an article published by The Wall Street Journal, "Yes, there is a fresh connection between the late Anna Nicole Smith and the bankruptcy case involving the shell of Lehman Brothers. Buckle up. J.P. Morgan and the remains of Lehman Brothers are fighting out in court over charges J.P. Morgan improperly siphoned billions of dollars out of Lehman in its dying days. But J.P. Morgan late Monday said it wants to move the case out of bankruptcy court, citing the precedent of a recent Supreme Court case that involved, yup, Anna Nicole Smith, her long-dead oil tycoon husband J. Howard Marshall and Smith’s former boyfriend and lawyer,...

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Posted in Anna Nicole Smith , bankruptcy court , Celebrity Bankruptcy , Lehman Brothers Bankruptcy

NJ Devils On Thin Ice Facing Possible Bankruptcy

The heavily-indebted New Jersey Devils missed a Sept. 1 loan payment, giving their lenders a breakaway chance to push the three-time NHL champion into bankruptcy, the New York Post reported Monday. It puts the team on thin ice ahead of the opening of training camp Tuesday, with a source saying, "The Devils are blowing up." The attendance-challenged team's financial hardships could also affect Newark's four-year-old Prudential Center, the Devils' home arena. Team-owned Devils Arena Entertainment operates the $375 million building and guarantees the Devils' loans and, therefore, is in danger of also going bankrupt. Two issues were complicating...

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Posted in bankruptcy , Hockey Bankruptcy , NJ Devils

More College Graduates Filing For Bankruptcy

A wedding ring, college degree and a well-paying job: the American dream or a recipe for bankruptcy? Some of the factors often associated with financial success are increasingly becoming correlated with personal bankruptcy filings, a study released Tuesday by the Institute for Financial Literacy found. The study found that from 2006 to 2010, bankruptcy filings increased among college graduates and those earning $60,000 a year or more. What’s more, last year, 64% of bankruptcy filers surveyed were married—a number that also increased from five years ago. “The Great Recession has had a dramatic impact on the bankruptcy filings of American consumers...

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Posted in bankruptcy , bankruptcy filings , college bankruptcy

Kerry Katona - Celebrity Spokewoman for Going Broke??

According to a recent article published in The Sun... KERRY Katona has been slammed for "inspiring" more women than ever to let themselves go bankrupt. The reality TV star, 31, has been branded a "bankruptcy role model" following her well-publicised struggle to organise her finances. And latest figures show that 14,827 women were declared broke in the second quarter of 2011 thanks to being unable to control spiralling credit and store card repayments in their bid to chase a WAG lifestyle. Women now account for a record level of 48 per cent of personal insolvencies, with those aged 18 to 35 overtaking men for the first time. Former...

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Posted in 50 cent bankruptcy , Celebrity Bankruptcy , celebrity debt , Kerry Katona bankruptcy , women in debt

Consumer Bankruptcy Filings Continue to Fall

According to the Association of Credit and Collection Professionals, August consumer bankruptcies decreased 11 percent nationwide from August 2010, according to the American Bankruptcy Institute, relying on data from the National Bankruptcy Research Center. The data showed that the overall consumer filing total for August declined to 113,432, down from the 127,028 consumer filings recorded in August 2010. Each month of 2011 has recorded fewer bankruptcies than last year. "Consumer bankruptcies continue to decline over the past year as households deleverage and consumer credit remains tight,” said ABI Executive Director Samuel J. Gerdano....

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Posted in american bankruptcy institute , bankrupty decline , consumer bankruptcies

US Postal Services Asks Congress for Help

After a front-page story in Saturday’s New York Times, the woes of the U.S. Postal Service are beginning to sink in. In short, the Postal Service will soon default if Congress does not take action. Hoping to encourage legislators to step in, Postmaster Patrick R. Donahoe will address the Senate Homeland Security and Governmental Affairs Committee in a hearing Tuesday. Thomas R. Carper, the Delaware Democrat who serves as chairman of the Senate subcommittee overseeing the Postal Service, spoke with the New York Times about the current situation. "The situation is dire," said Carper. "If we do nothing, if we don’t react in a smart appropriate...

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Posted in post office bankruptcy

Saab Files For Bankruptcy Protection

STOCKHOLM—Saab Automobile AB Wednesday filed for protection from its creditors, in a move that buys time for the Swedish car maker to secure additional short-term funding to restart production. The filing, similar to a Chapter 11 filing in the U.S., wasn't unexpected. Labor unions representing employees at Saab Automobile who weren't paid last month were due Wednesday to consider forcing the company into bankruptcy proceedings so that workers could seek state unemployment benefits. Saab would have to consider filing for bankruptcy if it isn't granted protection from its creditors, it said in its application to the district court in...

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Posted in automobile bankruptcy , Chapter 11 Bankruptcy , Saab bankruptcy

1.2 Billion Dollar Offer for LA Dodgers

Frank McCourt has been offered $1.2 billion to sell the Los Angeles Dodgers to a group backed by Chinese government-owned investment banks, a person familiar with the situation told The Associated Press on Thursday. The bid to buy the team out of bankruptcy, which was first reported by the Los Angeles Times, was being headed by Los Angeles Marathon founder Bill Burke, said the person who requested anonymity because he was not authorized to discuss it publicly. The bid terms, put forth in a letter sent to McCourt this week, call for an all-cash payment to buy the Dodgers, all real estate related to the team and the team's media rights....

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Posted in baseball bankruptcy , LA Dodgers bankruptcy

Oprah Can't Save You From Bankruptcy

Oprah Winfrey can do a lot of things: give you a car, get you to read, inspire a hilarious “Saturday Night Live” skit. But we’ve found one crack in the legendary media maven’s track record of wins. Surprisingly, it seems she can’t save a company from bankruptcy. In 2003, the then-talk show queen bestowed her stamp of approval on the macaroni and cheese served up by Delilah’s at the Terminal, a southern-style eatery located in Philadelphia’s Reading Terminal Market. Oprah deemed it the best mac and cheese in the country, and buzz followed. But even Oprah’s praise and tasty southern delicacies like fried chicken and collard greens couldn’t...

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Posted in bankruptcy protection , Delilahs bankruptcy , restaurant debt

Harrisburg Council Rejects Plan to Address It's Debt Crisis

Aug 31 (Reuters) - Pennsylvania's capital of Harrisburg rejected a rescue plan designed to address its debt crisis on Wednesday, in a move that could prompt a state takeover of its finances. In an 4-3 vote, the Harrisburg City Council rejected a plan put forward by Mayor Linda Thompson. The vote came less than two months after the council rejected another plan presented by a state-appointed advisor. Harrisburg -- a city of 50,000 about 100 miles west of Philadelphia -- is one of a handful of U.S. cities and counties that have teetered toward economic collapse in the wake of the 2007-09 recession. A string of failures could rattle the...

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Posted in bankruptcy , harrisburg debt crisis

Unions Warns of Saab Bankruptcy If Wages Remain Unpaid

(RTTNews) - Swedish automaker Saab Automobile AB (SAAB-B,0GWL.L: News ) could be forced into bankruptcy if fails to pay wages by the end of this week, the Wall Street Journal reported Monday, citing one of the company's labor unions, IF Metall. Saab Automobile is owned by Dutch automaker Swedish Automobile N.V. According to the WSJ report, a lawyer at IF Metall said that on August 26, Friday, Saab Automobile received requests for payment of 1,486 union members' wages for August. The cash-starved company has seven days to pay its staff once it receives the requests, failing which, IF Metall could file for a Saab Automobile bankruptcy at the...

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Posted in automobile bankruptcy , Saab bankruptcy

Number of Small Business Bankruptcies Declined in 2011

A recent study by Equifax finds that the number of small businesses that have filed for protection under bankruptcy law has dropped by 15.32 percent from the first quarter of 2010 to the first quarter of 2011. While the drop in bankruptcy filings over the past year is good news for small business owners, the study also found that the total number of small business bankruptcies in the first quarter of this year are 30.03 percent higher than the number of filings in the first quarter of 2008, prior to the recession. "In light of today's shifting economic conditions, bankruptcy trends serve as a valuable prism through which to evaluate...

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Posted in bankruptcy filings , bankruptcy law , chapter 7 , small business bankruptcies

US Bankruptcy Claims Trading Hits 12-Month High

Aug 23 (Reuters) - The value of U.S. bankruptcy claims traded in July was the highest since the same month a year earlier, according to a report released on Tuesday. The face value of traded claims rose to $3.55 billion, the highest since $12.78 billion in July 2010, according to SecondMarket, which runs a claims trading platform. The number of claims traded slipped to 1,340 in July from 1,809 in June but the number of underlying bankruptcy cases that had claims changing hands rose to 59. Lehman Brothers Holding Inc, the largest bankruptcy in U.S. history, led both the number of claims and the value of traded claims, as it does every...

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Posted in bankruptcy , bonds , claims , US Bankruptcy

Bankruptcy Filings Down 8 Percent in 2011

ATLANTA - An 8 percent decline this year in bankruptcy petitions nationwide might appear to be a positive economic sign, especially for a country rocked by stock market volatility, a credit downgrade, and continued labor and housing woes.  Some industry experts, however, warn that optimism is not in order. The number of bankruptcies may be down, they say, because people cannot afford to file and because there is little pressure from creditors to do so. The result may be a mass of looming bankruptcy cases, not unlike the shadow foreclosures feared in the real estate business. If the economy does not take a sharp turn...

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Posted in bankruptcy filings , bankruptcy law firm , bankruptcy petitions

Bankruptcy Minute - Making Headlines

Court rules Mexico's Vitro can vote on inter-co debt MEXICO CITY, Aug 15 (Reuters) - Mexican glassmaker Vitro on Monday said a court in Monterrey ruled it can vote on its own inter-company debt, a sticking point that has mired the company's bankruptcy plans in court battles with creditors.  UPDATE 3-U.S. solar company Evergreen files for bankruptcy * Company struggled with falling prices on solar products Extended Stay creditors file amended complaint against lenders Aug 15 (Reuters) - A trust representing creditors of the bankrupt hotel chain Extended Stay America Inc has filed a complaint against Lightstone Holdings and other...

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Posted in china debt , evergreen bankruptcy , extended stay america creditors , local govt risks , Mexico Vitro bankruptcy

National Enquirer, Not For Sale

span class="articleLocation">Aug 15 (Reuters) - American Media Inc, publisher of the National Enquirer and Star supermarket tabloids, is no longer up for sale, after the company's owners rejected an offer from Apollo Global Management, the Wall Street Journal reported. The company, which also publishes body-toning magazines such as Men's Fitness had informally explored a sale earlier this year, the Journal reported citing people familiar with the matter. WSJ cited people close the matter as valuing the company at between $500 million and $720 million. The Journal also said the company's owners are happy with the job Chief Executive...

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Posted in National Enquirer bankruptcy , WSJ